What is required to get pre-approval for a USDA Rural housing loan in Cedar Key?
It’s definitely still pretty simple taking into consideration all the new changes that have occurred in the mortgage sector within the last 4 years. Mortgage loans in 2013 are “back to basics” in many instances. Gone are the days of being eligible for a loan without the presence of income, unfavorable credit ratings, etc. Buyers today which have favorable credit, reliable documentation of revenue and workable debt routinely have no issue getting pre-qualification for a mortgage right away.
All of the Govt mortgages (FHA, VA and USDA) primarily require the same things in order to get pre-approved.
Below are quite a few tips to take into account when making a choice on a government loan program.
Your Credit History
In most situations a 640 FICO score is needed to be pre-approved for the fed home loans today, including VA, FHA and USDA. In addition remember that a 640 credit score doesn’t guarantee home loan approval as almost all banks and lenders have other waiting specifications concerning home buyers with any prior individual bankruptcy, real estate foreclosure, or short sales. More time can be needed for USDA Rural loans. A clear One year monthly payment history on any other credit lines is critical to look after.
Net income Level
It has to be steady and documented in 2013. The days of said income or no documentation loans are gone forever. Recording income properly can create a difficulty with the self employed or 1099 workers, especially those which have not been self-employed for not less than a two year period. Banks and lenders normally want to see a 2 year history of employment. Small gaps in ones history of employment may be ok, just as long the gap is not a long time, or unexplained. New college or university grads are usually exempt from a Two year employment history regulation.
100% USDA Loan options
These plans are offered to just about any homebuyer looking to buy a dwelling inside of a rural identified location. Click here for the USDA eligibility map. USDA loans will have earning limits according to the number of members in the home, county, etc. Please click here for more information on Florida USDA income restrictions. USDA, in conjunction with VA, are the only mortgage loans in Florida that have 100% loans with NO down payment.
Different Levy County and Cedar Key, Florida mortgage types:
FHA Home Loans
These loans are offered throughout Florida for any home buyer that is approved. FHA loans have to have a minimum 3.5% down payment, there are no net income limits, boundaries or property location rules. Contact us to learn all about FHA mortgage loan requirements in Florida.
VA Mortgage loans
Designed for all eligible previous and existing military service members. Please contact us to learn more about VA loan options in Florida.
Home owners that presently have a USDA, VA and FHA loan ought to examine the selection of simplified refinance loan options available presently. These types of offers will allow home owners to refinance their home REGARDLESS of the mortgage to value relative amount. If you now have a USDA Mortgage loan, contact us to find out more about the Pilot program. Interest rates are currently at historical low levels!